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Morgan Stanley Morgan Stanley Third Quarter 2021 Earnings Results Morgan Stanley Reports Net Revenues of $ 14.8 Billion , EPS of $ 1.98 and ROTCE of 19.6 % NEW YORK , October 14 , 2021 - Morgan Stanley ( NYSE : MS ) today reported net revenues of $ 14.8 billion for the third quarter ended September 30 , 2021 compared with $ 11.7 billion a year ago . Net income applicable to Morgan Stanley was $ 3.7 billion , or $ 1.98 per diluted share , ¹ compared with net income of $ 2.7 billion , or $ 1.66 per diluted share , ¹ for the same period a year ago . The comparisons of current year results to prior periods were impacted by the acquisitions of E * TRADE Financial Corporation ( “ E * TRADE ” ) , reported in the Wealth Management segment , and Eaton Vance Corp. ( " Eaton Vance " ) , reported in the Investment Management segment . James P. Gorman , Chairman and Chief Executive Officer , said , " The Firm delivered another very strong quarter , with robust revenues and improved efficiency producing an ROTCE of 20 % . We had standout performance of our integrated Investment Bank and record net new assets of $ 135 billion in Wealth Management . Year - to - date , our successful integrations of E * TRADE and Eaton Vance have supported growth of $ 400 billion in net new client assets across Wealth and Investment Management , bringing our total combined client assets to $ 6.2 trillion . " Financial Summary 2,3,4 Firm ( $ millions , except per share data ) Net revenues Provision for credit losses Compensation expense Non - compensation expenses Pre - tax income Net income app . to MS Expense efficiency ratio ' Earnings per diluted share Book value per share Tangible book value per share Return on equity Return on tangible equity5 Institutional Securities Net revenues Investment Banking Equity Fixed Income Wealth Management Net revenues Fee - based client assets ( $ billions ) 11 Fee - based asset flows ( $ billions ) ¹2 Net new assets ( $ billions ) Loans ( $ billions ) Investment Management Net revenues AUM ( $ billions ) 13 14 Long - term net flows ( $ billions ) ¹4 3Q 2021 $ 14,753 $ 24 $ 11,721 $ 111 $ 5,920 $ 5,086 $ 3,935 $ 3,037 $ 4,874 $ 3,487 $ 3,707 $ 2,717 67 % 69 % $ 1.98 $ 1.66 $ 54.56 $ 50.67 $ 40.47 $ 44.81 14.5 % 13.2 % 19.6 % 15.0 % $ 7,495 $ 6,129 $ 2,849 $ 1,707 $ 2,311 $ 2,876 $ 1,640 $ 1,954 $ 5,935 $ 1,752 $ 70.6 $ 134.5 $ 121.2 3Q 2020 $ 1,453 $ 1,522 $ ( 2.3 ) Media Relations : Wesley McDade 212-761-2430 $ 4,654 $ 1,333 $ 23.8 $ 51.8 $ 91.3 $ 1,056 $ 715 $ 10.4 ● ● ● ● ● Highlights Firm net revenues of $ 14.8 billion and net income of $ 3.7 billion increased more than 25 % year over year reflecting strong performance across all business segments and regions . The Firm delivered ROTCE of 19.6 % or 20.2 % excluding the impact of integration - related expenses . 5,6 The Firm expense efficiency ratio improved to 67 % or 66 % excluding the impact of integration - related expenses.6,7 Common Equity Tier 1 capital standardized ratio was 16.0 % . Institutional Securities net revenues of $ 7.5 billion reflect record Investment Banking revenues , led by advisory , continued strong performance in Equity , and solid results in Fixed Income . Wealth Management delivered a pre - tax margin of 25.8 % or 27.7 % excluding integration - related expenses.6,8 Results reflect record asset management revenues and continued growth in bank lending . The business added record net new assets of $ 135 billion representing a year - to - date 10 % annualized growth rate from beginning period assets . Investment Management results reflect an increase in fee based asset management revenues on AUM of $ 1.5 trillion . Investor Relations : Leslie Bazos 212-761-5352